26.1-31.1-08. Duties of reinsurers utilizing the services of a reinsurance intermediary-manager

26.1-31.1-08. Duties of reinsurers utilizing the services of a reinsurance intermediary-manager. 1. A reinsurer may not engage the services of any person, firm, association, corporation, or limited liability company to act as a reinsurance intermediary-manager on its behalf unless such person, firm, association, corporation, or limited liability company is licensed as required by subsection 2 of section 26.1-31.1-02. 2. The reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-manager which the reinsurer has engaged, prepared by an independent certified public accountant, in a form acceptable to the commissioner. 3. If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the reinsurance intermediary-manager. This opinion must be in addition to any other required loss reserve certification. 4. Binding authority for all retrocessional contracts or participation in reinsurance syndicates rests with an officer of the reinsurer who may not be affiliated with the reinsurance intermediary-manager. 5. Within thirty days of termination of a contract with a reinsurance intermediary-manager, the reinsurer shall provide written notification of its termination to the commissioner. 6. A reinsurer may not appoint to its board of directors any officer, director, employee, controlling shareholder, or subproducer of its reinsurance intermediary-manager. This subsection does not apply to relationships governed by chapter 26.1-10.